MAHAWELI COCONUT PLANTATIONS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED 30th JUNE 2024
MAHAWELI COCONUT PLANTATIONS PLC | |
CONTENTS | |
Page No. | |
Statement of Financial Position | 1 |
Statement of Profit or Loss and Other Comprehensive Income | 2 |
Statement of Changes in Equity | 3 |
Statement of Cash Flows | 4 |
Explanatory Notes | 5 - 6 |
Shareholders Details | 7 - 8 |
Corporate Information | 9 |
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024
MAHAWELI COCONUT PLANTATIONS PLC | |
STATEMENT OF FINANCIAL POSITION | |
As at | |
31.03.2024 | |
Rs. | |
(Audited) | ASSETS |
Non-Current Assets | |
4,971,848 | Right of use Assets |
136,427,590 | Property, Plant & Equipment |
7,580,462 | Electrical Substation |
107,951 | Intangible Asset |
114,433,118 | Bearer Biological Assets |
213,300,000 | Consumable Biological Assets |
476,820,969 | Total Non-Current Assets |
Current Assets | |
59,557,429 | Inventories |
107,735,335 | Trade & Other Receivables |
270,153,388 | Short Term Investments |
551,409 | Income Tax Refund Due |
64,266,005 | Cash at Bank & In Hand |
502,263,566 | Total Current Assets |
Total Assets | |
979,084,535 | |
EQUITY & LIABILITIES | |
Capital & Reserves | |
384,717,995 | Stated Capital |
401,983,270 | Retained Earnings |
786,701,265 | Total Equity |
16,319,276 | Advance Received for Allotment of Shares |
803,020,541 | Shareholders Funds |
Non-Current Liabilities | |
21,764,590 | Obligation under Right to use of land on lease |
13,509,682 | Retirement Benefit Obligation |
93,344,549 | Deferred Tax liability |
128,618,821 | Total Non-Current Liabilities |
Current Liabilities | |
39,266,603 | Trade & Other Payables |
6,586,792 | Obligation under Right to use of land on lease |
1,591,778 | Bank Overdraft |
47,445,173 | Total Current Liabilities |
Total Liabilities | |
176,063,994 | |
979,084,535 | Total Equity & Liabilities |
22.95 Net Assets per Share (Rs.)
27.60 Last Traded Price (Rs.)
As at
30.06.2024
Rs.
(Un-Audited)
4,736,329
150,960,843
7,513,873
98,982
108,122,054
213,300,000
484,732,081
30,100,184
78,171,764
328,401,240
1,292,266
30,567,569
468,533,023
953,265,104
384,717,995
382,714,638
767,432,633
16,319,276
783,751,909
16,045,958
13,886,197
93,344,549
123,276,704
39,649,698
6,586,793
-
46,236,491
169,513,195
953,265,104
22.40
29.00
As at
30.06.2023
Rs.
(Un-Audited)
5,678,413
123,368,914
7,781,690
135,181
132,528,470
244,480,000
513,972,668
42,826,917
11,917,376
293,552,611
1,226,876
24,882,996
374,406,776
888,379,444
384,717,995
308,481,256
693,199,251
16,319,276
709,518,527
22,632,753
9,436,592
111,247,122
143,316,467
32,430,302
3,114,148
-
35,544,450
178,860,917
888,379,444
20.27
34.00
The above figures are subject to audit.
I certify that the above Financial Statements have been prepared in compliance with the requirements of the Companies Act No.07 of 2007.
--------------------------
Finance Controller
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Approved and signed for and on behalf of the Board of Directors.
-------------------------- | -------------------------- |
Director | Director |
Date: 13.08.2024 | |
Negombo |
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 1 |
MAHAWELI COCONUT PLANTATIONS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Year Ended
31.03.2024
Rs.
(Audited)
278,950,900 Turnover
(191,496,431) | Cost of Sales | |
87,454,469 | Gross Profit / (Loss) | |
15,047,072 | Other Income | |
30,098,751 | Gain / (Loss) on Fair Valuation of Teak Plantation | |
(44,112,501) | Administration Expenses | |
(71,429) | Other Expenses | |
88,416,362 | Operating Profit / (Loss) | |
(4,125,413) | Finance costs | |
43,099,117 | Finance income | |
127,390,066 | Profit / (Loss) before Taxation | |
8,589,945 | Taxation | |
Loss for the period | ||
135,980,011 | ||
Other Comprehensive Income for the Period, Net of Tax | ||
(3,150,114) | Actuarial Gains/ (Losses) on Defined Benefit Plans | |
945,034 | Tax effect on Actuarial Gains / (Losses) on Defined Benefit Plans | |
(2,205,080) | Total Other Comprehensive Income for the period, Net of Tax | |
Total Comprehensive Income for the period | ||
133,774,931 | ||
Earnings per Share (Rs.) | ||
3.88 | - Basic | |
3.88 | - Diluted |
Three Months Ended | |||||
30.06.2024 | 30.06.2023 | Change % | |||
Rs. | Rs. | ||||
(Un-Audited) | (Un-Audited) | ||||
73,915,023 | 52,237,803 | 41% | |||
(86,488,651) | (59,161,929) | 46% | |||
(12,573,628) | (6,924,126) | 82% | |||
2,060,834 | 722,346 | 185% | |||
- | - | ||||
(10,821,767) | (9,798,974) | 10% | |||
(19,221) | (10,666) | 80% | |||
(21,353,782) | (16,011,420) | 33% | |||
(868,161) | (868,161) | 0% | |||
4,219,015 | 6,654,750 | -37% | |||
(18,002,928) | (10,224,831) | 76% | |||
(1,265,705) | (1,996,425) | -37% | |||
(19,268,633) | (12,221,256) | 58% | |||
- | - | - | |||
- | - | - | |||
- | - | - | |||
(19,268,633) | (12,221,256) | 58% | |||
(0.55) | (0.35) | ||||
(0.55) | (0.35) |
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 2 |
MAHAWELI COCONUT PLANTATIONS PLC
STATEMENT OF CHANGES IN EQUITY | ||||
Stated | Retained | |||
Capital | Earnings | |||
Rs. | Rs. | |||
Balance on 01st April 2023 | 384,717,995 | 320,702,512 | ||
Loss for the period | - | (12,221,256) | ||
Other comprehensive income for the period | - | - | ||
Total comprehensive income for the period | - | (12,221,256) | ||
Balance on 30th June 2023 | ||||
384,717,995 | 308,481,256 | |||
Balance on 01st April 2024 | ||||
384,717,995 | 401,983,271 | |||
Loss for the period | - | (19,268,633) | ||
Other comprehensive income for the period | - | - | ||
Total comprehensive income for the period | - | (19,268,633) | ||
Balance on 30th June 2024 | ||||
384,717,995 | 382,714,638 | |||
Total
Rs.
705,420,507
(12,221,256)
-
(12,221,256)
693,199,251
786,701,266
(19,268,633)
-
(19,268,633)
767,432,633
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 3 |
MAHAWELI COCONUT PLANTATIONS PLC | |
STATEMENT OF CASH FLOWS | |
Year Ended | |
31.03.2024 | |
Rs. | |
(Audited) | |
OPERATING ACTIVITIES | |
127,390,066 | Net Profit before Taxation |
Adjustments for : | |
(43,099,117) | Finance Income |
4,125,413 | Finance Cost |
11,406,954 | Depreciation of Property, Plant & Equipment |
54,739 | Amortisation of Intangible Assets |
942,086 | Amortisation of Right of use of Land on Lease |
116,265 | Immature Bearer Biological Assets transfer to SCI |
157,493 | Work in Progress transfer to Expenses |
267,274 | Amortisation Electrical Substation |
25,244,253 | Depreciation of Bearer Biological Assets |
2,722,174 | Provision for Gratuity |
(30,098,751) | Profit on changes in fair valuation of consumable Biological Assets |
(12,219,791) | Profit on Sale of Teak Trees |
87,009,058 | Profit /(Loss) from operations before changes in working capital |
(7,837,339) | (Increase) / Decrease in Inventories |
(21,159,394) | (Increase) / Decrease in Trade & Other Receivables |
3,279,151 | Increase / (Decrease) in Trade & Other Payables |
Cash Generated from Operations | |
61,291,476 | |
(1,242,950) | Gratuity Paid |
(3,381,456) | Tax Paid |
(2,314,246) | WHT |
Net Cash from/(used in) Operating Activities | |
54,352,824 | |
INVESTING ACTIVITIES | |
(22,995,613) | Acquisition of Property, Plant & Equipment |
(954,101) | Addition to Bearer Biological Assets-Immature |
(8,104,481) | Expenditure on Capital Work In Progress |
(4,773,523) | Net Investment in Fixed Deposits |
46,868,055 | Interest Received |
9,800,000 | Sale proceed on Sale of Teak Trees |
19,840,337 | Net Cash from / (used in) Investing Activities |
FINANCING ACTIVITIES | |
- | Payment - Mahaweli Authority of Sri Lanka |
(52,494,173) | Dividend Paid |
(52,494,173) | Net Cash from / (used in) Financing Activities |
Net Increase / (Decrease) in Cash and Equivalents | |
21,698,988 | |
40,975,239 | Cash and Cash Equivalents at the beginning of the period |
Cash and Cash Equivalents at the end of the period | |
62,674,227 | |
Three Months Ended
30.06.2024 30.06.2023
Rs.Rs.
(Un-Audited)(Un-Audited)
(18,002,928) | (10,224,831) | |
(4,219,015) | (6,654,750) | |
868,161 | 868,161 | |
3,103,193 | 2,691,060 | |
8,969 | 27,509 | |
235,519 | 235,521 | |
- | - | |
120,951 | 475,182 | |
66,589 | 66,046 | |
6,311,064 | 6,311,064 | |
634,465 | 602,748 | |
- | - | |
- | - | |
(10,873,032) | (5,602,290) | |
29,457,245 | 8,893,173 | |
16,267,571 | 10,960,023 | |
383,095 | (2,904,379) | |
35,234,879 | 11,346,527 | |
(257,950) | (46,500) | |
(1,106,866) | - | |
(899,695) | - | |
32,970,368 | 11,300,027 | |
(861,636) | (4,129,838) | |
- | - | |
(16,895,760) | (5,513,375) | |
(58,247,852) | (24,403,807) | |
4,219,015 | 6,654,750 | |
13,296,000 | - | |
(58,490,233) | (27,392,270) | |
(6,586,793) | - | |
- | - | |
(6,586,793) | - | |
(32,106,658) | (16,092,243) | |
62,674,227 | 40,975,239 | |
30,567,569 | 24,882,996 |
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 4 |
MAHAWELI COCONUT PLANTATIONS PLC
EXPLANATORY NOTES
-
Corporate Information
Mahaweli Coconut Plantations PLC is a Listed Public Limited Liability Company, incorporated on 29th October 1996 under the Companies Act No. 17 of 1982 and domiciled in Sri Lanka. The Company was re- registered under the Companies Act No. 07 of 2007 on 06th February 2008 and listed in Colombo Stock Exchange Dirisavi Board on 03rd June 2019 . (Registration No. (PB) 191 PQ). The registered office of the Company is located at No. 1/82, Kimbulapitiya Road, Bolawalana, Negombo. The Coconut Plantation is on lease land obtained from the Mahaweli Authority of Sri Lanka and is situated in Mahaweli System B Pimburettewa. Aralaganvila. - Principal Business Activities and Nature of Operations
During the period, the Principal Activity of the Company was Cultivation & Sale of Coconuts, Copra, Coco Peat and Coir - Approval of Interim Financial Statement
The Interim Financial Statements of the Company for the three months period ended 30th June 2024 were authorised to be published by the Board of Directors on 13.08.2024. - Basis of Preparation
These Interim Financial Statements of the Company have been prepared in accordance with Sri Lanka Accounting Standards (SLFRS / LKAS).
The interim Financial Statements do not include all the information and disclosures required in the annual Financial Statements and should be read in conjunction with the Company's annual Financial Statements as at 31st March 2024.
Further, provisions of the Companies Act No. 07 of 2007 have been considered in preparing these Interim Financial Statements. There were no changes to the Accounting Policies and methods of computation used in the preparation of the Financial Statements for 2023/24. Further, these Interim Financial Statements have been prepared in compliance with the requirements of the Sri Lanka Accounting Standard - LKAS 34 on 'Interim Financial Reporting. Previous year figures and phrases have been re-arranged wherever necessary to confirm to the current presentation. - Related Party Transactions
Related party transactions for the quarter follows
Name of the Related Party | Nature of Relationship | Sale of Coconut | Sale of Copra |
St.Annes Factory | Director- Mr. Gamamedaliyanage Joseph | 15,866,221 | NIL |
Lalith Neomal Perera | |||
Asian Agro (Pvt) Ltd | Shareholder - Mr.Chrishan Fernandopulle | 13,896,410 | NIL |
Katana Oil Mills | Shareholder- Mr.P.P Suresh Fernando | NIL | 4,271,250 |
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 5 |
MAHAWELI COCONUT PLANTATIONS PLC
EXPLANATORY NOTES
- Related Party Transactions (contd.)
Outstanding | |||
Cash | amount end of | ||
Name of the Related Party | Nature of Relationship | Received | the quarter |
St.Annes Factory | Director- Mr. Gamamedaliyanage Joseph Lalith | 25,180,156 | 6,432,609 |
Neomal Perera | |||
S.A.Silva & Sons Lanka (Pvt) Ltd | Shareholder | 1,193,280 | (5,338) |
Asian Agro (Pvt) Ltd | Shareholder - Mr.Chrishan Fernandopulle | 15,944,040 | 2,595,003 |
Katana Oil Mills | Shareholder- Mr.P.P Suresh Fernando | 7,709,510 | NIL |
- Net Assets per Share
Net assets per share has been calculated, for all periods, based on the number of shares in issue as at the Statement of Financial Position date. - Events occurring after the Reporting date
No circumstances have arisen since the reporting date which would require adjustment to or disclosure in the Financial Statements. - Contingent Liabilities
There has been no change in the contingent liabilities at the quarter end as compared to 30th June 2024. - Fair Value
Fair value adjustments are done annually as per the policy of the Company. Hence, interim financial statements do not reflect any such changes. - Capital Commitments
There are no material Capital Commitments as at 30th June 2024. - All amounts expressed are in Sri Lankan Rupees (LKR.)
- The Interim Financial Statement are not audited.
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 6 |
MAHAWELI COCONUT PLANTATIONS PLC
SHAREHOLDER DETAILS FOR THE PERIOD ENDING 30TH JUNE 2024
1. Public Shareholdings
As at
30.06.2024
The percentage of shares held by the public | 89.03% |
Number of Shareholders representing public shareholding | 834 |
As at
31.03.2024
89.01%
830
Minimum public holding requirement | ||||||||
Float | ||||||||
adjusted | Public | Number of | ||||||
market | Holding | Public | ||||||
Option | capitalisation | percentage | Shareholders | |||||
Listing rule 7.13.1(b) | 2 | Less than LKR 1 Bn | 10% | 200 | ||||
Compliance by Mahaweli Coconut Plantations PLC | - | LKR 1.035 Bn | 89% | 834 | ||||
2. Directors' Shareholding as at 30th June 2024 The number of Shares held by the Directors
Name
Mr. Senarath Dias Widhanaralalage Asitha Gunasekera
Mr. Joseph Felix Fernandopulle
Mr. Samankumara Dias Senerath Gunesekera
Mr. Sunil Jayalath Watawala
Mr. Gamamedaliyanage Joseph Lalith Neomal Perera
Mr. Ashok Jerom Shamendra Jayakody
Mr. Madurawalage Don John Pradeep Nilantha Perera
Mr. N.A.L.Cooray
Prof.Gamini Fonseka
Mr. Chithral Munaweera
As at
30.06.2024
1,088
758,876
11,504
881,847
777,733
2,548
280,504
-
-
-
As at
31.03.2024
1,088
758,876
11,504
881,847
777,733
2,548
280,504
-
-
-
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 7 |
MAHAWELI COCONUT PLANTATIONS PLC
SHAREHOLDER DETAILS FOR THE PERIOD ENDING 30TH JUNE 2024 (CONTD.) 3. 20 Largest Shareholders
As at | As at | |||||
30.06.2024 | 31.03.2024 | |||||
Name | No. of Shares | % | No. of Shares | % | ||
Dunagaha Coconut Producers Co-op Society Ltd | 1,631,862 | 4.66% | 1,631,862 | 4.66% | ||
Silvermill Holdings Ltd | 1,541,596 | 4.41% | 1,541,596 | 4.41% | ||
Sanhinda Mills (Pvt) Ltd | 1,492,881 | 4.27% | 1,492,881 | 4.27% | ||
Fernando Paththage Pio Suresh | 1,339,641 | 3.83% | 1,339,641 | 3.83% | ||
Jayasuriya J A D K R | 1,055,178 | 3.02% | 1,055,178 | 3.02% | ||
Samaranayake H D F D S | 974,202 | 2.78% | 974,202 | 2.78% | ||
Watawala Sunil Jayalath | 881,847 | 2.52% | 881,847 | 2.52% | ||
Wickramarachchi S K | 872,291 | 2.49% | 872,291 | 2.49% | ||
S A Silva & Sons Lanka (Pvt) Ltd | 870,623 | 2.49% | 870,623 | 2.49% | ||
Gunawardena D M S W | 816,426 | 2.33% | 816,426 | 2.33% | ||
Perera Gamamedaliyanage Joseph Lalith Neomal | 777,733 | 2.22% | 777,733 | 2.22% | ||
Jayasinghe J A S N | 770,553 | 2.20% | 770,553 | 2.20% | ||
Fernandopulle Joseph Felix | 758,876 | 2.17% | 758,876 | 2.17% | ||
Swanee Mills Ltd | 758,333 | 2.17% | 758,333 | 2.17% | ||
Panduwawela P K Kumarasiri | 742,476 | 2.12% | 742,476 | 2.12% | ||
Jayalath T S | 695,312 | 1.99% | 695,312 | 1.99% | ||
St. Joseph D C Manufactures (Pvt) Ltd | 650,634 | 1.86% | 650,634 | 1.86% | ||
Beligala Coconut Products (Pvt) Ltd | 631,701 | 1.81% | 636,701 | 1.82% | ||
D.Y.& D.U.Rajapaksa (Pvt) Ltd | 626,384 | 1.79% | 626,384 | 1.79% | ||
Silva, S.A.D.U. Shehan | 609,081 | 1.74% | 609,081 | 1.74% | ||
Sub Total | 18,497,630 | 52.86% | 18,502,630 | 52.87% | ||
Others | 16,498,485 | 47.14% | 16,493,485 | 47.13% | ||
Total | 34,996,115 | 100.00% | 34,996,115 | 100.00% |
4. Stated Capital
Stated Capital is represented by share in issue as given below
As at | As at | As at | ||||||
31.03.2024 | 30.06.2024 | 30.06.2023 | ||||||
34,996,115 | Ordinary Shares | 34,996,115 | 34,996,115 | |||||
5. Market Prices (per Share) | ||||||||
Year Ended 31st March | Quarter Ended 30th June | Quarter Ended 30th June | ||||||
2024 | 2024 | 2023 | ||||||
Rs. Cts. | Date | Rs. Cts. | Date | Rs. Cts. | Date | |||
37.80 | 02nd May 2023 | Highest | 30.90 | 18th April 2024 | 37.80 | 02nd May 2023 | ||
22.90 | 20th November 2023 | Lowest | 25.10 | 19th April 2024 | 30.10 | 01st June 2023 | ||
27.60 | 28th March 2024 | Last Traded Price | 29.00 | 28th June 2024 | 34.00 | 26th June 2023 | ||
6. Market Capitalisation | ||||||||
As at | As at | |||||||
30.06.2024 | 31.03.2024 | |||||||
Market Capitalisation | 1,014,887,335 | 965,892,774 | ||||||
Float Adjusted Market Capitalisation | 830,685,284 | 859,741,158 | ||||||
Price Earnings Ratio (times) | - | 11 |
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30.06.2024 | Page 8 |
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